If you’re a small business owner, then it’s likely that you’ve been looking at recent news with no small degree of concern. The spread of COVID-19 and the economic repercussions that have accompanied it have had a significant effect on small businesses around the country. However, help is available in the form of the Economic Injury Disaster Loan Program, or EIDL. In this video, I walk you through step by step how to apply to this loan. You can view it here:
About the EIDL Program
This federal program enables you to receive money from the Small Business Administration (SBA) if you have suffered economically as a result of a crisis, such as the current pandemic. However, not every business owner understands how to obtain this money. New information emerges on a daily basis, making it difficult to find out how to get the help you need.
The EIDL program can provide you with up to $2 million worth of federal financial assistance to help you with your small business. In addition, you can obtain a $10,000 emergency grant right away—as long as you know how to do it!
How to Apply for the EIDL Loan
You can apply for the EIDL program at covid19relief.sba.gov. If you are eligible for this grant, then the SBA will contact you later to ask if you want to proceed with the loan. You can say no at that time and still keep the $10,000—you do not have to repay it. If you decide to proceed with the loan, then the $10,000 advance will be subtracted from the amount that you are forgiven.
There are some stipulations, of course. In order to qualify for this grant, you cannot be a lobbyist, a government entity, or an agricultural enterprise, such as a farm. You also may not be engaged in illegal activities of any kind. In addition, you cannot derive more than a third of your income from legal gambling. If you are eligible for this grant, however, then you shouldn’t hesitate to apply for it!
When you are filling out the online application, it’s important to take your time and fill it out carefully and accurately. If you make any mistakes on the application, then you might end up not qualifying for a loan that would otherwise be open to you. The above video takes you step by step through the process of applying for the loan online.
Do you have any questions about how to apply for federal assistance for your small business? If so, then The Royce CPA Firm in Tucson is here to provide you with the help you need. We offer accounting, bookkeeping, and tax preparation services to small businesses, nonprofits, and individuals.